Category Archives: Real estate

New Homeowners Can Spend Nearly $30K on Unexpected But Common Projects

New research from Thumbtack and Zillow finds millennial home shoppers are most excited about personalized projects, like interior painting, and least excited about high-stakes projects, like roofing repairs.

Projects most excited to undertake

 With millennial first-time buyers taking advantage of record low mortgage rates and jumping into homeownership, many are likely unaware of the projects they may have to undertake to get their new home move-in ready. New research1 and survey data from Thumbtack and Zillow find a typical for-sale home could need nearly $30,000 of work, which could come as a shock to the large majority (65 percent) of active home shoppers who are not seeking a fixer-upper.2

To help first-time buyers feel prepared for the home-buying journey, Zillow compiled a list of the most common projects its teams tackle after purchasing homes through Zillow Offers, a service that allows sellers to skip prep, open houses and showings by selling directly to the company. Zillow handles the prep work, including repairs, so buyers can feel confident they’re purchasing a move-in ready home that is clean, safe and functional. Using that list of common repairs, Thumbtack, the modern home management platform, calculated the national average costs to complete each project.

According to the new survey of 1,000 homebuyers, the average millennial expects to pay between $10,000 and $15,000 to make a home move-in ready, when in reality, the data shows new homeowners should actually expect to spend about $26,900 on these projects. Evaluating, repairing or replacing HVAC systems is the most expensive move-in project, costing $3,615 on average nationwide.

Projects least excited to undertake

“This research suggests first-time homebuyers typically underestimate the costs of the unsexy projects they may have to tackle before they even move in,” says Amanda Pendleton, Zillow home trends expert. “That sticker shock may be increasingly common in a competitive market where buyers are dropping inspection contingencies as a strategy to win a bidding war. Make sure to factor in these unexpected costs when making an offer to make sure you can afford them, or nail down the tradeoffs you’re willing to make for a move-in ready home. That way, you can focus on the fun, personalized projects that make a new house feel like home.” 

Homebuyers say they’re most excited about improvement projects that allow them to express their personal style and make a home feel like their own. Millennial homebuyers are most excited to tackle interior painting ($385/room), followed closely by wallpaper installation ($530/room) and kitchen updates like remodels and renovations ($7,445). 

“We know homebuyers are most concerned about the hassle of home maintenance and repairs. It feels overwhelming to know where to begin, but also, who to entrust with your most valuable possession,” says David Steckel, Thumbtack’s home expert. “Thumbtack makes it easy to care for your home from top to bottom. We help bring to life the joy of homeownership by connecting homeowners with skilled local professionals who can make their homes a haven, fit for relaxing, working, entertaining and more.”

Common projects for new homeowners and costs

Homebuyers are least excited about making roofing repairs, which cost an average of $800 to evaluate and complete. This is followed by general plumbing repairs ($335), painting the entire home exterior ($2,415) and repairing damaged floors ($315-$1,245, depending on the type of floor). These projects tend to be more time consuming or require a deeper level of expertise to complete, which can make homeowners feel out of their comfort zone.

One way to manage costs when purchasing a home is to work with the seller’s agent to negotiate compensation for repairs and updates in the offer terms. By working with a trusted agent who can help identify unforeseen issues, and springing for a pre-inspection, buyers may get a better idea of the necessary projects a for-sale home could need before submitting an offer. Thumbtack can then help estimate the costs of these projects and connect homeowners with the right skilled professionals in their area to get each project done and done well. For those seeking a move-in ready home, shoppers in 25 markets can also filter their search on Zillow for “Zillow-owned homes.”

Methodology

  • First, mapped the Zillow list of projects against Thumbtack categories based on keywords
  • Filtered out projects that were too specific and that did not have a sufficient number of matching data points with Thumbtack
  • Cleansed the job values by removing outliers or amounts that were far too high compared to normal
  • Averaged the amounts per Zillow Category and Thumbtack’s top designated market area (DMA)
  • Top DMAs were chosen according to the availability of data points across all Zillow projects
  • All prices shown reflect the national average across the U.S. Prices may vary by city depending on supply and demand, price of materials, etc. For data on specific regions, please go to thumbtack.com/prices

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter.

As the most-visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions. 

Zillow Group’s brands, affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 nmlsconsumeraccess.org


About Thumbtack
Thumbtack is a technology leader building the modern home management platform. Through the Thumbtack app, homeowners can effortlessly manage their homes — confidently knowing what to do, when to do it and who to hire. Bringing the $500 billion home services industry online, Thumbtack empowers millions of homeowners to fix, maintain and improve their most valuable asset. The company is backed by Sequoia Capital, Tiger Global Management, Javelin Venture Partners, Baillie Gifford and CapitalG, among others.

1 Source: Thumbtack Home Project Data
2 Source: Thumbtack and Zillow Millennial Home Buying Survey. A sample of 1,000 U.S. adults was surveyed between June 11, 2021 and June 14, 2021. DKC Analytics conducted and analyzed this survey with a sample procured using the Pollfish survey delivery platform, which delivers online surveys globally through mobile apps, the mobile web and the desktop web. No post-stratification has been applied to the results.

SOURCE Zillow

Redfin Reports Pending Sales Slide as New Listings Reach Pre-Pandemic Levels

Some buyers have hit their limit on record-high prices, but others may return to the market with more homes to choose from and less competition.

The U.S. housing market lost more steam as summer began, with pending sales continuing their slide and the number of homes for sale slowly growing, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Google trends also revealed a continued decline in online house hunting, with searches for “Real Estate” dipping below 2019 levels (-4.5%) for the first time this year. Mortgage purchase applications fell dramatically week over week (-5%) to their lowest level since May 2020, according to the Mortgage Bankers Association home purchase index.

Home prices are still climbing, posting their highest year-over-year gain on record, but the share of homes for sale with price drops inched above 2020 levels for the first time this year. Most measures of early-stage homebuying demand  point to further cooling in the housing market over the summer, but Redfin’s Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—rose slightly from the prior week. This may be a reflection of the fact that there was a small increase in the number of homes available to tour.

“The month of June was a clear turning point in the ultra-hot housing market of 2021,” said Redfin Lead Economist Taylor Marr. “As home prices continue to set records, some buyers have hit their limit and are stepping back. At the same time, homes are hitting the market at pre-pandemic levels again, which may finally ease competition and bring some sense of balance to the market. The upshot is that fewer bidding wars could actually keep some on-the-fence buyers in the market and lure back some of the homebuying dropouts.”

Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending June 27. Redfin’s housing market data goes back through 2012. See slides below.

Data based on homes listed and/or sold during the period:

  • The median home-sale price increased 23% year over year to $364,048, a record high.
  • Asking prices of newly listed homes were up 14% from the same time a year ago to a median of $366,202, also a record high.
  • Pending home sales were up 15% year over year, the smallest increase since the four-week period ending July 19, 2020. Pending sales were down 9% from the four-week period ending May 30, compared to a 2% increase over the same period in 2019.
  • New listings of homes for sale were up 6% from a year earlier, and have been mostly flat since the beginning of May. New listings had been below 2019 levels since late March, but reached parity with 2019 during the most recent period.
  • Active listings (the number of homes listed for sale at any point during the period) fell 33% from 2020—the smallest decline since the four-week period ending February 14—but have climbed 7% since their 2021 low during the four week period ending March 7.
  • 55% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 45% rate during the same period a year ago, but down 2 percentage points from the high point of the year, set during the four-week period ending March 28.
  • 41% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 2.6 percentage points from the high point of the year, set during the four-week period ending March 28.
  • Homes that sold were on the market for a median of 15 days, a new all-time low and down from 39 days a year earlier.
  • A record 55% of homes sold above list price, up from 26% a year earlier.
  • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.4%. In other words, the average home sold for 2.4% above its asking price. This measure is an all-time high and 3.8 percentage points higher than a year earlier.
  • The share of homes for sale with price drops rose to 3.8%, surpassing 2020 levels for the first time this year. A few large markets–New York, Washington, D.C., and Chicago drove this trend, posting the most sizeable increases in their price-drop rates.

Other other leading indicators of homebuying activity:

  • Mortgage purchase applications decreased 5% week over week (seasonally adjusted) during the week ending June 25. For the week ending July 1, 30-year mortgage rates fell back below 3% to 2.98%.
  • From January 1 to June 27, home tours went up 26%, compared to a 47% increase over the same period last year, according to home tour technology company ShowingTime.
  • The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—ticked up slightly during the week ending June 27, and is up 4% from a year earlier.

*Information and data courtesy Redfin

Take a Virtual Tour through a Million Dollar Apartment Project in New York

Essential Home’s NEW Virtual Project through the Eyes of its Project Manager, a Conversation with Sara Magno

DelightFULL and Essential present the first luxury design project from their unique virtual houses’ series made to inspire all of the world’s interior design lovers in this new reality that we are living in.

The ultimate Million Dollar Apartment Project in New York is a clear representation of the ideal residential design that captures the best of one of the most famous design capitals in the world.

Showcasing the potential of the mid-century modern style in soothing a trendy color palette, this unique virtual residential project designed by DelightFULL and Essential Home’s team shows a different approach to the bright colorful world that the brands are associated with.

We had the opportunity to interview Sara Magno, head project manager of the fabulous Million Dollar Apartment Project, to learn more about the concept of this dreamy New York-style design, as well as some exclusive details on the behind-the-scenes. One thing is for sure, the final result is a very comfortable home fit for the busy lifestyle of the city that never sleeps.

Project Manager, Sara Magno and Bruno Pinto, Digital Creator

1. Tell us about the beginning of your journey in the design world? How did the love for design emerge?

Ever since I was young, I’ve loved visiting museums, studying art history and I will begin painting soon. I have designed my own clothes, and when I began traveling solo, I would visit different cultures to understand the architecture and the interior spaces of each country which are so different and well adapted. The colors, textures, landscapes, always fascinated me and in these past five years, while working I have developed my skills in these different areas of design; editorial, graphic, product, and now interior spaces.

2. Why DelightFULL and Essential Home?

Two amazing brands that embrace my work and allow me to grow up with them! In the past 5 years, I traveled the world with a different vision thankfully to DelightFULL and Essential Home. Understanding the customer needs, the space integration, the product trends, new textiles, materials, functionally with comfort, crafting everything hand by hand carefully for each piece be unique – a life statement that I’m addicted to, creating everything with time, passion, and worldwide renown in the end.

3. We know that the mid-century modern style is usually associated with bright color palettes and combinations, but for you what is the essence of this unique design approach?

DelightFULL and Essential Home preserves the references of design between the ’40s to ’80s, the forms, the materials, the atmosphere reinterpreted for nowadays. For me, this essence is when we finish a project or room, and we feel it like ours, we feel it that we lived there, a Deja Vu. Recreating a space history with our products keeps memories in people’s heart, this is our unique design approach, create pieces that allow souls to feel alive with their past references.

4. Talking about one of your most recent projects, the beautiful minimalistic virtual house project called “MILLION DOLLAR MODERN APARTMENT IN NEW YORK”, what was the main message you were trying to pass with this design?

We understand that we need to expose a different vision of mid-century modern style reinterpreted again, keeping with calm tones, creating a bright space that gives customers the feeling of a familiar home. DelightFULL lamps are juice and fun and we try to keep this one the junior room, but also give them a classic touch in the rest of the house, keeping the white, the nickels allow these lamps to fit any different era, more “straight” (Laughs). Essential Home products are colorful and feminine, reinterpreted in this house with pastel tones, white and grey shades, they seem more clear with allowing us to create a house where the products can camouflage with the walls, with the floor, being there waiting for the family to use them and to embrace each room.

5. Creating a unique house project in the virtual world can be quite challenging? What were the biggest obstacles that you and your team had to face?

Yes, very challenging. Working virtually requires an aesthetic vision for each detail, carefully adapted for any screen, trying to be real. In real projects, we visit the place, we feel the rooms, we select the textures and colors feeling them, and mix them in the space This was our biggest obstacle, create an ambiance with colors, textures, and lighting that feels more real as possible.

6. What are the biggest focal points when designing this luxurious home design?

The biggest focal points are that in each room all the pieces combine between them, all the shapes carefully adapted to their place and in the end, the final atmosphere brings that sense of calm and serenity. We study each product and position to create this sense of harmony and space living.

7. Want to give us a little tour through the house?

(Laughs) Yes! Let’s go! Starting for the entryway we keep it simple for the family to get in and feel the serenity inside that they can’t feel outside in NY streets with noise and different cultures. The kitchen, dining room, and living room, are an open space to experience this family area and promote more relations. When we get inside the private rooms, like the bedrooms, one of them was created for a junior boy that needs to keep dreaming and playing, so we integrate different products and we create a DelightFULL graphic wall lamp to be fun and young. When we step into the master bedroom with a feminine touch, but most importantly, we feel that it is private, comfortable, intimated, that was our goal again, create the most realistic experience in a virtual house where any family can feel that is theirs home.

8. What is your favorite part of the entire process of design?

My favorite part of the process of the design is the mood boards! I love to create them, understand the harmony between each piece, select colors and materials, and it was quite a challenge to do it just for a virtual experience!

9. Were you trying to incorporate any popular design trends in interior design?

Of course! The first trend for this year is Abstract Minimalism. Since the pandemic started, people need to feel protected in their homes and calming colors and lights are perfect to vibrate this theme. We also try to concentrate on compositions sometimes, with radial symmetry in some decor and art that we used.

10. How would you and your team describe this fabulous project in three words?

Fresh, Familiar, and Minimalism.

11. Do you think that these virtual house projects are going to be a new impact on the design world?

I have no doubts about that. Designers are living in a new era where traveling is different, be in the office, in showrooms, selecting materials and textiles in stores, visit design fairs! Everything changed, we need to keep with our work in virtual meetings, give virtual advice, so for me it is natural that we grow up with the virtual experience with our professionals keeping virtually reinterpreting the experiences to keep inspirations and design alive.

12. What are going to be the next BIG steps for DelightFULL and Essential Home? Can you tell us more about your expectations for the future?

Well, we have many surprises coming this year! Related to virtual houses, we are creating an interior designers network that in partnership with us will create these virtual houses signed by them projected with our products. I can give you a name, Masquespacio designers very very soon will launch a virtual project with us! As for product design, we are also creating more capsule collections as we created in the past year with Studiopepe and Carlo Donati, worldwide designers like Karim Rashid from NYC! This designer’s network with DelightFULL and Essential Home will create a new way to explore the design world and the relations between design cultures.

Welcome To The Soothing New York City Apartment Project Let’s look inside!

This amazing mid-century house tour by DelightFULL and Essential Home is going to show you the versatility of this unique design style, besides that Bright and bold vision that we are used to seeing. The new luxurious New York City apartment focuses on functionality and modern design in neutral tones to create an effortlessly chic look.

Featuring 9 different rooms, each one with its own concept and personality, this marvelous home project has its soothing signature style that transmits a sense of calmness and luxury through design excellence.  Every single detail is carefully put together to provide a comfortable modern home where every interior design enthusiast can take a break from the busy lifestyle of the city that never sleeps. Are you ready to be inspired? Let’s get started!

Living Room

Featuring a trendy open concept for easy access to the kitchen area (which is great for entertaining occasions), the main living room design was created in an iconic neutral color palette with a few metallic details in the unique lighting pieces and bespoke furniture designs. Essential Home’s unique Sherman Sofa, with its rich velvety texture, was the perfect complement for the luxurious Botti Diamond suspension by DelightFULL, a unique lighting design that is considered to be the statement art déco piece of the entire look.

Dining Room

The dining room area is the perfect space in this new luxury New York City apartment to enjoy those special moments with your friends and family.  Following the same neutral and sophisticated lines of the living ara, the dining room decor is all about Comfort meets style. The Ezra dining table is complemented with 4 beautiful Isadora dining chairs from Essential Home’s new collection with Studiopepe, however is the iconic Galiano suspension piece by DelightFULL that lights up space and elevates it to a new level.

Office

The office area went from being an unappreciated part of any home decor project to one of the most important rooms in the house due to the current home working reality. The luxurious New York City apartment shows a functional and stylish office where the Virginia armchair by Studiopepe and Essential Home and DelightFULL’s fabulous Turner table lamp takes the lead.

Master Bedroom

Keeping the trendy neutral color palette, the master bedroom design of this luxury apartment project leaves the light Brown and beige tones and replaces them with the popular grey and white shades, one of the most promising color combinations of the season. The Sophia bed by Essential Home was the perfect fit to be the centerpiece of this bedroom project since provides style, comfort, and personality through great design. This unique piece was complemented with the brand’s unique Kahn nightstands, and two white classic table lamps design called Miles by DelightFULL. Like any other master bedroom design, this luxurious space also features a high-end social space and a big functional walk-in closet.

Kids Bedroom

As we enter the kids’ bedroom are we can see a different and exciting take on the neutral palette concept that flows in the interior design of this luxurious New York City apartment by DelightFULL and Essential Home. The Bright and fun touch, which makes this bedroom design perfect for the little ones, is given by the fun marquee lighting pieces from DelightFULL’s graphic collection. Whether it is in the sleeping bedroom área or playroom space, these unique lighting pieces were the perfect fun complement to Essential Home’s sophisticated modern products, such as (for example) the Florence center table and stool.


ABOUT DelightFULL

DelightFULL – Design Unique Lamps

A fresh reinterpretation of mid-century lighting design. We revive design and inspirational art from the 40s to 70s, bringing to you fresh classic lamps with the progress of colors and materials of modern décor.

Our mid-century spirit can be suitable for any project customizing any piece that you need. We promise you a full experience of the mid-century world, through iconic design around trendsetting places. Today, with a solid structure and factory to provide you with the best you can get, we have solutions for short lead time projects